Hungary agrees on option for more gas shipments from Russia, oil transit fees | Putin says Russia will see higher oil and gas revenues in coming months

Hungary’s foreign minister said on Tuesday that he agreed with Russia that energy giant Gazprom would maintain an option for additional gas shipments to Hungary this year on top of quantities shipped under a long-term deal.

After talks with Russian Deputy Prime Minister Alexander Novak in Moscow, Hungarian Foreign Minister Peter Szijjarto also said on his Facebook page that oil and gas group MOL will pay transit fees directly to the Ukrainian pipeline operator Ukrtransnafta for crude shipments it gets on the Druzhba pipeline.

Ukrtransnafta notified Russia’s pipeline operator Transneft of its plans to raise the fee it charges for the transit of gas, sources told Reuters late last month.

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Szijjarto has been visiting Moscow for talks since the outbreak of the war in neighbouring Ukraine, despite criticism from both sides of the Atlantic.

Landlocked Hungary gets 80-85% of its gas from Russia, and Szijjarto said that last year about 80% of crude imports also arrived from Russia.

While countries in western Europe have made serious efforts to wean themselves off Russian gas, under a 15-year deal signed in 2021 Hungary has been receiving 4.5 billion cubic metres (bcm) of gas per year from Russia, mostly via Turkstream.

“Gazprom maintains the option that if we need it, for preparations for winter or filling up storages….we can buy additional gas on top of the amount set in the long-term deal,” Szijjarto said.

He said Novak reassured him that gas shipments on the Turkstream pipeline will come without disruptions. Turkstream will be stopped for maintenance from June 5 to 12, according to data posted earlier by Bulgarian gas transmission operator Bulgartransgaz.

Szijjarto also said they had agreed with Rosatom to modify a contract signed for the expansion of Hungary’s Paks nuclear plant in 2014. He did not give any further details.

Source: Hungary agrees on option for more gas shipments from Russia, oil transit fees -minister (msn.com)

Putin says Russia will see higher oil and gas revenues in coming months

Russian President Vladimir Putin said the government would see higher oil and gas revenues by the end of the second quarter and that “positive trends” across the economy were picking up pace.

Russia chalked up a $29-billion budget deficit in the first quarter of the year, largely due to falling revenues from its crucial energy exports, which have been targeted by Western sanctions.

Source: Putin says Russia will see higher oil and gas revenues in coming months (msn.com)

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